eFinancialCareers

Investment banks are coming up with innovative ways to keep some staff on their payrolls, even while they let go of others in the wake of the credit crunch. This inventiveness mostly takes the form of long-term stock grants, or measures that let banks defer cash expenses in hopes that revenue growth will pick up later on. They may not be popular but, with most banks facing a more... Read more

Managers at Babcock are busy informing their minions how much they'll earn in bonuses this year. It should be (very) good news. The investment bank announced last month that its net profit had jumped 58% in the latest year, to AU$407m, and that its bonus pool had risen an impressive 38.5%, to AU$573m. Based on the bank’s 1,435 headcount at the end of December, the average bonus per employee will be AU$400k,... Read more

Research from international recruiter Robert Walters reveals middle office specialists in Australia are hot to trot in 2008. The report says product control is in red hot demand and that a Sydney-based product accountant/controller with three to five years’ experience can earn AU$125k, compared with AU$105k last year. Likewise, financial accountants can currently earn AU$125k, compared with AU$100k in 2007. Neil Dyball, associate director of the banking division at Robert... Read more

Black Tuesday saw panic selling wipe over AU$100bn off share prices. Will oscillating equity markets feed demand for strategists to help make sense of the ride? The events of 22 January 2008 are sure to leave a mark on the Aussie share market. Though it recovered towards the end of that week, it has since deteriorated again. What will happen next? It’s down to strategists to predict. Adnan Kucukalic, strategist for... Read more

Thinking of finding a new job? Have a little something to take your mind off it. Australia's financial services skills shortage is encouraging banks to offer tasty 'buyback' packages to keep stellar performers who threaten to defect. Anthony Ayers, principal consultant at Sydney-based Chandler, says the most common buybacks (AKA 'counter-offer') involve matching money – but adds they may also encompass anything from offering additional education, an offshore secondment, a promotion... Read more

They're nothing new in the northern hemisphere, but guaranteed bonuses are now available here too. 'Guaranteed bonuses' are when banks commit to paying a specified level of end-of-year bonus, rather than leaving it to your performance or the foibles of the market. From banks' perspective, they're a way of enticing scarce talent to come and work for them. Throwing in a guarantee can also prevent existing staff from leaving to work... Read more

With staff turnover in Australia's financial services industry increasing, firms are being forced to offer employees a stake in the business. Many in Australia's financial services industry looked on with envy at the stunning success of the float of fund management group Platinum Asset Management in May. Predictably, those at the top of the pile came off best. The Platinum IPO created a multi-billionaire out of founder Kerr Neilson, whose stake in... Read more

One measure of Singapore’s desperation for private banking talent is the sudden popularity of the city’s elite hairdressers. According to one banker in Hong Kong, recruiters at rival outfits have been trawling the city's finest salons in the belief that crimpers used to tending the hair of the rich and famous can easily make the transition to private bankers managing their money. If you're capable of dealing with the tribulations of... Read more

Psst! Those credit analysis skills might get you out of the back office – if you're good. Booming markets and lots of debt mean banks need relationship managers and product specialists. But, says Christine Kwan at recruiter Michael Page, relationship managers and product specialists now need to be able to do credit analysis as well. ''All the banks are recruiting. We've been very busy in this area in the past couple... Read more

Macquarie Bank has been dubbed the "millionaire's factory" for over a decade, despite the Sydney-based bank's apparent objections. But now there's no denying it. It is believed that nearly all the 2,076 staff who sit at "director" level – that is associate directors, divisional directors, executive directors and above – received at least AU$1m (US$824k) in the past year. The bank's annual report revealed managing director Allan Moss and investment bank head... Read more

If you're a banker looking for work in Australia, now is the time to be doing it. But accountants should stay put. According to the Olivier Internet Job Index, the number of banking jobs advertised on the net rose 10.3% in the last month – and 43.14% in the last 12 months. This compares to an increase across all sectors of just 1.18% in the last month, and 38.96% in the... Read more

There’s nothing better than cash in the hand – or at least a big fat bonus. A survey just conducted by Hays found that two thirds of respondents prefer a high cash component in their salaries these days over non-cash benefits. That compares with 42% who said they preferred cash when the survey was last conducted in April 2006. Matthew Gowan, senior manager of Hays Banking, says the candidate shortage has resulted... Read more

Babcock & Brown have taken the art of incentive payments to a new level. Bonus payments for senior executives often reach two thirds of total rewards, or possibly for the occasional individual. In 2006, however, Babcock appears to have established a new benchmark of at least 90% for its senior executives – and recruiters say other employers are taking note. The company’s annual report reveals that all the investment bank's senior... Read more